Blbg: Stocks Set for Best Week Since March; Micron Sinks: Markets Wrap
Consumer year-ahead inflation expectations lowest since 2021
BofA’s Hartnett sees big stock rally followed by big collapse
ByRita Nazareth
June 16, 2023 at 4:01 AM GMT+5:30Updated onJune 16, 2023 at 7:42 PM GMT+5:30
Wall Street traders caught between the fear of missing out on the stock rally and the artificial intelligence euphoria are sending the market toward its best week since March.
The S&P 500 was up for a seventh straight day, while the Dow Jones Industrial Average extended its surge from a September low to about 20%. Traders weighed data showing a drop in consumer year-ahead inflation expectations to the lowest since 2021. Micron Technology Inc. sank after saying it sees about half of its China-based customer revenue at risk. Adobe Inc. soared after raising ts sales forecast on optimism that generative artificial-intelligence features will spur demand for its software...
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